PITTSBURGH, July 7 /PRNewswire/ -- Adience, Inc. announced today that the company's previously announced plan for prepackaged reorganization was consummated on June 30, 1993, in Federal Bankruptcy Court, Pittsburgh.
This is the final step in the company's financial plan to permit aggressive business operations, the company said.
According to Fletcher L. Byrom, Adience chairman, the court action is a major advance for the company. "Our plan moved very efficiently through the court system, taking less than five months for final consummation. We believe we can now move forward in the diverse markets we serve, and that we are well positioned for growth in these markets."
Under the reorganization Adience is legally revested with all of its assets and will operate without further court supervision. The absence of court imposed restrictions permits resumption of normal trade activities by Adience with its suppliers.
"This final step in the reorganization of our finances clears the way for our energies to be fully dedicated to serving Adience customers with quality products and services, and providing growth opportunities for our employees," Byrom said. He added that current Adience business activities "show good signs of increased spirit among our employees and renewed confidence by the markets we serve."
Also on June 30, 1993, Adience entered into new financing arrangements with Congress Financial Corporation, obtaining a revolving facility of $12 million.
-0- 7/7/93
/CONTACT: Robert O'Gara, 412-561-0462, for Adience/